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Trusted Brand Reviews brings you expert insights to guide your payroll processes and human resource management. Discover practical strategies to optimize these systems through HRIS and software automation, freeing up time and resources and boosting productivity.
Recruitment Goals & Objectives Every Talent Acquisition Team Should Set In 2023
Hr functionRecruitment Goals & Objectives Every Talent Acquisition Team Should Set In 2023One of the main requirements for bringing talent into a company is ensuring the entire organization has its goals and objectives aligned. Recruitment should be a process that's mutually beneficial for the organization and its prospective hires, and as such, it requires special attention. Setting mutual goals and objectives for recruitment in 2023 should revolve around both short-term and long-term strategies to ensure an effective acquisition process both in the current year and in the future. Additionally, it will allow you to avoid employee misclassification and other hiring-related issues. Without a common goal, it's almost impossible for an organization to maintain a successful recruitment process. In this article, we'll discuss some of the most important goals and objectives every talent acquisition team should strive for in 2023. So, whether you're just starting out or you've been doing this for years, read on for effective tips. » Who handles your company's recruitment process? See the difference between HR vs. talent acquisition 1. Determine Your Recruiting Needs and Set Goals Accordingly First things first—before you even start recruiting candidates, you must determine your organization's needs in terms of how many positions are to be filled. Ensuring a successful recruitment strategy requires setting goals that can be tracked and evaluated, which will help you identify areas of improvement and adjust your strategy accordingly. Additionally, you should set goals and focus recruitment efforts according to the type of talent you're seeking, like experienced professionals or recent graduates, so you'll know you're targeting the right audience. Matching your specific needs to your goals is critical, as it will help you identify the job descriptions and advertisement channels that are most effective in reaching the right type of talent. 2. Factor in Relevant KPIs When Setting Recruitment Goals Setting the right KPIs (key performance indicators) can make a world of difference when it comes to recruitment success. While every organization should determine the right KPIs for their business, there are some common KPIs you should consider, including the time-to-fill, cost-per-hire, quality of hire, and diversity of hire. Time-to-fill is one of the most important KPIs to track because it will offer valuable insight into how quickly your recruitment process is working and what areas of it may need improvement. Cost-per-hire is another important KPI that will help you determine how much money your company is spending on the recruitment process. Tracking such data will enable you to set realistic budgets and hold your talent acquisition team accountable for their performance. Finally, measuring the quality and diversity of hires will help you determine whether your recruitment efforts are successful, which will further help you adjust your recruitment goals accordingly and ensure you're seeking the right type of talent. » Tracking other aspects of your business: see our tips for tracking worker compensation 3. Offer Positions to Diverse Candidates As we mentioned, diversity of hire is essential for a successful recruitment process—offering positions to candidates from diverse backgrounds and experiences will enhance your organization’s culture, create a more productive work environment, and help you identify new opportunities. Furthermore, your recruitment process must be accessible to candidates from as many backgrounds as possible, meaning you should provide equal opportunities to all candidates regardless of race, gender, sexual orientation, or any other factor. Another often overlooked benefit of diversity of hire is that it can help you source higher-quality candidates. When looking for a new job, many top-tier professionals seek environments that promote a diverse and inclusive culture, so you'll be more likely to attract top talent by emphasizing diversity in your recruitment efforts. Ultimately, creating an inclusive work environment is not only beneficial from a recruitment standpoint, but it will help ensure your organization remains competitive and attractive to potential talent. 4. Make Good Use of Employee Referrals Many organizations fail to take advantage of the power of employee referrals in recruitment. Employee referrals are a great way to quickly identify high-performing individuals in a relatively short time frame. Additionally, candidates who are referred by existing employees are often more likely to stay with the company for longer periods of time, proving more cost-effective for recruiting and potentially even beneficial for existing employees—many companies offer incentives such as monetary rewards or extra vacation days to those who refer successful candidates. In return, encouraging employees to refer potential candidates can help build loyalty and trust within the organization, while also helping them cultivate their professional networks. Overall, employee referrals are a great resource to have in your recruitment arsenal that shouldn't be overlooked. 5. Set Up a Talent Community A talent community is a network of qualified candidates who can be easily contacted to fill open positions within an organization. Constantly updating this pool of potential hires with the latest job openings will help your recruitment team quickly identify high-performing candidates suitable for the position. In addition, setting up a talent community is an excellent way to build relationships with potential candidates. You can use the platform to keep them updated on the latest news and happenings in your company, while also providing them with valuable resources and information. Lastly, creating a talent community is also extremely cost-effective, as it can save your company money on expensive recruitment and sourcing services in the long run. 6. Make Your Organization Attractive to Potential New Recruits The recruitment process is heavily influenced by the company’s reputation, so a great way to make sure your organization stands out amongst potential new recruits is to focus on developing a great employer brand. This can be done in various ways, such as creating engaging content that highlights the company culture and values, providing a positive work environment, and offering competitive employee compensation and benefits. It's also very important to showcase the career development opportunities your organization offers so that your potential recruits see it as a place where they can grow and further develop their skills. Another great way to show your organization in the best possible light to potential employees is to focus on building relationships with existing employees. Showcasing the great things they have to say about working at your organization will help make it more attractive to potential hires and create a positive employer brand. » How important is workplace culture? See why it matters and how to improve it 7. Assess and Improve Your Turnover Rate A high turnover rate can be extremely detrimental to your organization’s overall performance, so it's essential to do your best to reduce and manage turnover. This will help your organization attract and retain top talent. To begin with, you should assess your current turnover rate and identify potential areas of improvement. By gaining insight into the reasons behind employee departures, you'll be able to better understand the issues at hand and create solutions to reduce turnover. Once you've identified potential issues, it's important to take action and ensure they're addressed and resolved. This can be done through improving employee engagement, providing better benefits and incentives, or offering more career development opportunities, depending on what exactly your company needs. Just make sure to measure the effectiveness of the changes you make so you can adjust your approach accordingly. If you manage to improve your turnover rate, you'll be sure to attract and retain the best talent, which will ultimately lead to better organizational performance and long-term success. Set Your Company Up for Success With the Right Recruitment Goals Building a successful recruitment process is essential for the long-term success of any organization. By taking advantage of the strategies outlined in this article, you'll be able to create an effective and efficient recruitment process. Recruitment goals as well as other objectives need to be clearly communicated and implemented to ensure your organization is able to attract the best talent. What's more, a well-structured recruitment process can help you manage your global workforce more efficiently and maximize the potential of current and future employees. » Reliable company payroll is also important to potential hires—read TBR's payroll software reviews to find one that will benefit your company the most.
Workforce Management vs. Human Capital Management: Expert HR Insights
Hr functionWorkforce Management vs. Human Capital Management: Expert HR InsightsWorkforce management and human capital management are generally interchangeable because they both deal with managing employees. However, when you scratch beneath the surface, you'll find that there are plenty of differences between the two management systems that should be assessed. Let's explore what they each are and how they differ. » What about HR and talent acquisition? Learn their key differences What Is Workforce Management? Workforce management, or WFM, is a strategy employers use to efficiently allocate employees and resources so that companies can maximize their strengths and minimize any hiccups. This tactic typically involves tracking attendance, optimizing productivity, scheduling personnel, lowering risk, adhering to corporate governance policies, and complying with local labor laws and other government regulations pertaining to the workplace. WFM might also incorporate other hurdles the business may need to overcome, including internal analysis, projections of workload and needed staff, and employee involvement in the scheduling process. So, for example, when you're managing a global workforce, you need to ensure there's maximum tax compliance for where the employees are located. By doing this, you avoid financial penalties and ensure you're retaining the best of the best inside the talent pool. » Can WFM software better your workforce management? Find out here What Is Human Capital Management? Human capital management (HCM) concentrates on critical administrative human resources functions within the department. HCM will address multiple obstacles today so that the firm can expect tomorrow's challenges in the following areas: Administrative tasksBig dataData securityRegulatory complianceSystems integrationUser experience From administering health benefits to staff members to maintaining employee records and facilitating payroll compliance, human capital management is all about hiring, retaining, and managing the right people so that the whole team can bolster productivity levels. HCM has transformed into an imperative feature of enhancing business value and mitigating potential HR challenges, such as employee misclassification or overtime pay. » HCM vs. HRM: see how they differ 3 Key Differences So, now that we know what workforce management is and how human capital management works, what are some of the crucial differences between the two systems that every company needs to know? 1. Scope of Functions The first aspect that separates WFM and HCM is their scope of functions. While WFM maintains a specific focus on advancing business and achieving growth, HCM hones in on managing the workforce to ensure the right people are on the job. 2. Perspective on Employees Can workforce management and human capital management complement each other? Yes, because companies can achieve a wide array of goals by combining these systems. While HCM is terrific at monitoring the entire business and tracking employees' tenure at the firm from when they were first recruited, WFM will comb through the latest employee details, including time sheets, scheduling information for compliance purposes, and employee classification. 3. Approach to Role Simply put, WFM is about administration and HCM focuses on economics. Both are important, but they each perform different tasks. In other words, WFM will simplify the day-to-day tasks of paperwork, which are still critical to managing a successful company, while the purpose of HCM is to obtain a competitive advantage by optimizing and improving the economics of the organization's human capital, which can boost business value and the firm's market capitalization rate. Conclusion Businesses—large and small—can deploy a wide range of strategies and various software applications involving workforce management and human capital management. At the same time, it's important for the firm to understand the plethora of differences between WFM and HCM to make certain the company installs the correct mechanisms—like adopting payroll software—and ensures everything is optimally utilized for the benefit of higher profits and business growth. » Looking to implement payroll software? Read TBR's payroll software reviews to find one that best suits your business.
What Is WFM Software? 6 Fundamental Benefits to Growth
Hr functionWhat Is WFM Software? 6 Fundamental Benefits to GrowthIs there a payroll software solution that can help companies better manage their workforce? Yes! It's called workforce management (WFM) software and it can automate and streamline a variety of tasks to better utilize employees' time, facilitate labor efficiencies, and ensure employee safety. » What essential features should your payroll software have? Find out here What Is Workforce Management Software? Is your company trying to find software to better manage your workforce? Businesses are always on the prowl to find a clear advantage to keeping track of personnel—this is where WFM software enters the equation. Let's see what WFM software features are and how they can help your business. Common WFM Software Features Here are five main features of WFM software: Scheduling: Private firms can tailor schedules to their needs and locate the best worker for an open shift using a vast array of criteria, such as certifications, skills, and hours worked.Time Tracking: WFM software will employ time clocks, web-based timesheets, and mobile applications to determine how many hours staff members have worked, which will then be processed into crucial internal data.Labor Forecasts: Using labor forecasts, offices can maximize their budgets by improving their plans for peaks and valleys in customer demand, meaning companies can better use their staff in various circumstances, such as special events, the weather, or holidays.Absence and Overtime Management: WFM software can monitor employees' absence data, as well as manage overtime for employees, which can be crucial for businesses with tight belts.Regulatory Compliance: Are your internal policies meeting the standards of federal, state, or local rules and regulations pertaining to wages, hours, and contracts? WFM software maintains an audit trail that will prove to be an exceptional defense in case of disputes. 1. Reduced Labor Costs While labor has always been one of the biggest expenses for companies, today's inflationary environment has added to financial labor pressures. By integrating WFM software into day-to-day operations, companies can do a better job of allocating labor to the parts of the company that need the right people or keeping tabs on absence or overtime that can hurt the budget. 2. Increased Organizational Performance and Productivity WFM software can facilitate a more productive workplace culture, as these digital tools allow employees to perform tasks remotely, whether it's approving employee requests or allowing workers to submit timecards. Overall, the mobile function of WFM software can be a critical tool in enabling better employee output. » How important is workplace culture? Learn about its importance and how to improve it 3. Efficient Labor Needs Forecasting At a time when businesses need to better manage their budget, the labor forecasting component of WFM software will prove a valuable resource, mainly because businesses can do a better job of preparing for spikes in client demand or declines in customer purchases. So, businesses with shift workers can know in advance exactly when they'll need more workers and when they may not need them at all. 4. Optimized Time Tracking How well are your organization's time-tracking capabilities? No matter your answer, WFM software will enhance any internal time-tracking features through various online-based time sheets, point-of-sale devices (great for knowing how many hours employees worked at a specific part of the company), mobile apps, and time clocks. Once again, this is imperative to better understand how efficient or costly labor is at any time of the week. 5. Reduced Compliance Risk One of the chief advantages of maintaining a WFM software system is that you can reduce any and all regulatory compliance risks. For example, a dispute could arise due to employee misclassification, resulting in expensive legal cases or reputational damage—and WFM programs can do an exceptional job of minimizing or eliminating compliance risks. » Is your business payroll compliant? See how to ensure payroll compliance and avoid penalties 6. Valuable Analytics Analytics isn't only for Major League Baseball (MLB)—WFM software offers terrific analytics for companies. One of the more appealing features of analytics is that built-in dashboards can manage and track worker compensation, address possible issues before they grow into challenges, and offer employers key performance indicators (KPI) over any period of time. Ensure Company Growth With WFM Software In today's ultra-competitive landscape, it's more important than ever to use every tool at your disposal to ensure you're operating and running a lean machine. Of course, with plenty of resources available, there are many reasons to adopt payroll software to achieve your corporate and office objectives. » Looking to implement payroll software? Read TBR's payroll software reviews to find one that checks all your boxes.
8 Best Practices for Setting up an Effective Absence & Leave Management Program
Hr function8 Best Practices for Setting up an Effective Absence & Leave Management ProgramEnsuring your employees are satisfied with their work environment encompasses more than just offering a competitive salary—in fact, benefits like absence management are an important part of managing the staff in a company, as absence and sick leave can be stimulating for the employee's personal and professional life. However, without the right absence management program, it'll be only a matter of time before you have a problem, as absence management is a process that requires properly tracking and overseeing the employees' absence to promote both corporate and personal well-being. What's more, having the right program is especially important for remote companies looking for ways to manage a global workforce. So, how can you implement an effective absence & leave management program? Read to find out. » See more tips for effectively managing your global workforce Benefits of an Effective Absence & Leave Management Program An effective absence & leave management program can be quite beneficial for both the employee and the employer, as it allows employees to take time off when needed without jeopardizing their job security or performance reviews. Providing an organized system for tracking leaves, a solid program ensures employers are able to maintain accurate records of attendance and leave for each employee. Furthermore, an effective absence & leave management program encourages a healthy work-life balance, resulting in a more productive and energized staff when they return to work. The truth is that employee compensation can't be the only that motivates your staff, as absence from work is necessary from time to time as well. Now, let's see the essential steps of having an effective absence management program. » Are you properly compensating your employees? See the difference between employee compensation vs. benefits 1. Employ Careful Record Keeping The most important element of an effective absence & leave management program is careful record-keeping. You need to be able to track individual employee leaves and absences so you can monitor their patterns of attendance or lack thereof, which can help you manage and track workers' compensation and ensure each employee is adequately compensated. These records could form part of the documents for payroll processing, as properly processing payroll could require calculating the hours worked, ensuring no employee is overpaid or underpaid. » Running payroll without a hitch: see the essential features your payroll software should have 2. Implement a Comprehensive Leave and Absence Policy To promote a healthy and productive workplace, your leave and absence policy needs to be comprehensive. This includes defining the types of leaves available to employees, such as vacation time, sick leave, or other types of paid/unpaid absences. It's also recommended that you clearly define the rules about accruing leave benefits and how employees should request time off. You should also outline the consequences of extended absences, like late or missed deadlines, and how to handle emergency situations. This way, your employees are aware of the expectations and can make a decision about taking a leave that won't jeopardize their job security. 3. Have a Return-to-Work Program in Place When an employee returns to work after a leave of absence, it's important to have a return-to-work program in place. This helps ensure the employees aren't disadvantaged because they've taken leave and their performance won't suffer as a result. 4. Keep Your Employees in the Loop It’s essential your employees are kept up-to-date on any changes to the leave and absence policy. This could involve sending out emails or newsletters, as well as holding meetings to discuss new changes. You should also make sure your employees know how to properly apply for a leave of absence and what paperwork is necessary. 5. Monitor Your Business's Compliance With Labor Laws It's important to monitor your business’s compliance with labor laws so that you don't end up with any legal complications. This includes guaranteeing all employees are appropriately compensated for their leaves and absences, while also ensuring your business maintains payroll compliance. 6. Use Reliable Automated Leave Management Software Leave management software can play a vital role in helping you manage employee absences & leaves more efficiently. This automated system allows you to manage absence requests, track time off, and monitor attendance more effectively. It also simplifies payroll processing and ensures all employees are adequately compensated for their leaves. 7. Reward Attendance and Recognize Employee Efforts It's important to recognize and reward employees for their hard work, which includes rewarding them for attending work regularly. This could be done through an employee rewards program that awards points or bonuses for every day worked without taking leave. However, not taking an absence isn't always directly correlated with productivity, so make sure to thread this line carefully. 8. Promote Employee Wellness Finally, it's important to promote employee wellness by providing support for employees who are facing mental or physical health issues. This could involve working to improve workplace culture, flexible work schedules, and other types of accommodations that can help the employee return to work with a healthier state of mind. Conclusion Setting up an effective absence and leave management program is essential for any business. By following these best practices, you can ensure the process runs smoothly, while also guaranteeing your employees are adequately compensated for their time away from work. The best way to ensure your leave and absence program is successful is to stay organized and be proactive in managing it by regularly reviewing your policies, procedures, and systems, as well as having regular meetings with employees to discuss any issues or changes. This will ensure everyone is up-to-date and your business is compliant with the relevant labor laws. » Looking for the right payroll solution to adequately track and compensate employee absence? Read TBR's payroll software reviews and find the best fit.
9 Employee Injuries Not Covered by Workers' Compensation Insurance & Why
Hr function9 Employee Injuries Not Covered by Workers' Compensation Insurance & WhyIn 2021, employers reported approximately 2.6 million workplace injuries and illness cases, according to the Bureau of Labor Statistics (BLS) data. While this is down from 1.8 percent in the previous year, it's still a hefty number, one that might fail to improve workplace culture and result in lower productivity. When companies manage workers' compensation, they'll assess how it happened and determine if the injury is covered by workers' compensation insurance. But what injuries aren't covered by workers' compensation? Here are nine employee injuries that aren't covered by workers' compensation and the reasons why. » Need help managing workers' compensation? Here's how to do it like a pro with Gusto 1. Acts of God Surprisingly, acts of God are a common type of workplace injury. An act of God typically means that a natural act is out of human control, such as hurricanes, lightning storms, trees felled by strong winds, heavy rainfall, and a wide array of other natural disasters. So, for example, if you slip on a floor wet from a flood, that's an act of God workplace injury. However, this isn't covered by workers' compensation because the employer won't be at fault for something out of their control. 2. Injuries Resulting From Horseplay Horseplay includes any monkey business at the office or shenanigans between co-workers in the workplace. But if you get injured while fooling around with your colleagues, are you entitled to workers' compensation? Generally, if the employee was the instigator of the boisterous actions, they won't be eligible for compensation. However, if somebody else caused the horseplay, there's a decent chance the employee could apply for workers' compensation. 3. Pre-Existing Conditions Let's say you suffered from a significant back injury before you were employed. One day, as you were completing a heavy task at the office, you aggravated your back and triggered your pre-existing condition. Does this mean you'd be eligible for workers' compensation? While this can be a challenging process that will vary between states, workers' compensation generally applies only to injuries you obtained in relation to your position. 4. Willful Injury A willful injury occurs when someone performs an unjustified act intended to injure another person. Although this might seem like a cause for workers' compensation, an accident must transpire while the claimant is at work and the injury must be related to work to qualify as such. Otherwise, workers' comp benefits won't apply to the injured person. 5. Injuries Related to Alcohol or Illegal Substances Someone who consumes alcohol, smokes marijuana, or imbibes any other illegal substances and is injured on the job won't be eligible for workers' compensation. In this case, the employer won't be at fault because the employee got injured based on their worst judgment. 6. Injuries That Result From Company Policy Violations Employees who violate company policies, rules, and procedures and get wounded as a result won't receive workers' compensation. Since the worker was the one who didn't adhere to the business' requirements for employee safety, the employer isn't at fault. 7. Injuries That Result From Illegal Activities A workplace injury caused by illegal activities the employee participated in won't lead to workers' compensation benefits. If the illicit actions led to muscular hand injury or a steep fall, you'll be immediately disqualified from workers' comp. 8. Heart Attacks Does a heart attack while working at the office automatically extend you the right to workers' compensation benefits? In many cases, claims for a heart attack or other cardiac issues will be concluded as having been triggered by a pre-existing condition, typically arteriosclerotic heart disease. However, it's still possible to be approved if the claimant can prove the heart attack was work-related. 9. Injuries That Occur Off-Site With injuries that happen when employees are working off-site, it can be hard to determine workers' compensation eligibility, as it will be hard to figure out if the injury was work-related. Unless the claimant can prove the employment caused the injury, they'll usually be denied workers' comp benefits. How Does Workers' Compensation Insurance Define a Covered Injury? According to the Department of Labor, a covered injury is defined as bodily harm caused by an accident at work, and workers' comp will reduce liabilities for work-related injuries or illnesses. Indeed, there are many instances where injuries will be approved for workers' compensation benefits. In fact, the most commonly approved claims will consist of lacerations, eye injuries, fractures, burns, and contusions. Most injuries that occur on the job will be covered by workers' insurance. » Are you properly compensating your employees? See the difference between employee compensation vs. benefits Conclusion For the most part, work-related injuries or illnesses can be avoided entirely by having all parties involved follow the rules and regulations laid out by either the company or a third party, such as an industry group or the government. Businesses need to manage their workforce to ensure the best safety practices are installed, particularly for dangerous jobs. Unfortunately, accidents do happen, so it's important to determine if workers' compensation benefits will cover these injuries. » For help managing workers' compensation, read TBR's payroll software reviews and find one that will get the job done.
ASO vs. PEO: Which HR Outsourcing Solution Do I Need for My Business?
Hr functionASO vs. PEO: Which HR Outsourcing Solution Do I Need for My Business?The HR department is one of the pillars of a company, as it has a significant impact on how the organization will evolve in the future. To ensure company HR operations are well-managed, efficient, and cost-effective, many businesses have begun outsourcing their HR processes by hiring third parties. The most popular types of such organizations are Professional Employer Organizations (PEOs) or Administrative Service Organizations (ASOs). Outsourcing your operations through such parties allows you to manage your workforce more efficiently than doing it in-house, as it saves you a lot of time down the road. Moreover, having a reliable third party manage processes like employee compensation and benefits frees you up to focus on running and growing your business. Now, with the basics out of the way, let's dive deeper into ASOs and PEOs and see what they are. » Outsourcing vs. in-house payroll software: see what's better for your business What Is an ASO? An Administrative Service Organization (ASO) is a third-party company offering services such as payroll, benefits administration, and compliance management. This type of organization doesn't employ the people who are part of the organization—rather, it provides support for managing them in terms of administrative tasks. Simply put, an ASO provides reliable HR solutions to companies that need help with their basic HR processes. How Does an ASO Work? An ASO works by providing companies with an array of HR-related services—helping with payroll, benefits administration, compliance management, and other tasks that keep the HR processes running smoothly. An ASO will also provide guidance on any changes or updates that need to be made in order to streamline these processes. Pros and Cons of an ASO Pros: Cost-Effective - An ASO is typically more cost-effective than employing an in-house HR team or a PEO, as it doesn't require the same level of investment. Flexible - An ASO can be easily adjusted to suit a company’s specific needs. This means companies can customize their services according to their unique business requirements. Scalable - An ASO can be scaled up or down quickly and easily, giving companies the ability to adjust their HR operations as needed. Cons: Limited Support - An ASO can't provide the same level of support an in-house HR team or a PEO can. Limited Expertise - An ASO team may not be as knowledgeable in certain areas as an in-house HR team or a PEO would be. » Should you outsource employees within a small business? Find out here What Is a PEO? A Professional Employer Organization (PEO) is a third-party organization that provides much more comprehensive HR services than an ASO. It functions as an employer of record and offers benefits, payroll, and compliance management services to its clients. How Does a PEO Work? A PEO works by handling all the administrative tasks associated with hiring and managing employees. It acts as an employer of record, meaning that it assumes responsibility for a company’s employees and their compensation and benefits. Although there are different types of PEOs, all of them will handle the payroll and compliance issues related to these employees, allowing companies to focus on running their businesses. Pros and Cons of a PEO Pros: Comprehensive Services - A PEO provides a wider range of services than an ASO, from payroll to benefits administration and compliance management. Improved Efficiency - Since PEOs consist of skilled professionals, they can streamline and outsource payroll services, saving companies time and money.Expertise - PEOs are experienced in HR management and able to provide valuable guidance and advice. Cons: Cost - PEOs tend to be more expensive than other types of HR outsourcing solutions. Limited Control - A PEO will assume near-full responsibility for a company’s employees and their compensation and benefits, meaning companies have less control over these processes. » Outsourcing payroll services in 2022: Learn whether HR functions still do it 3 Differences Between ASO and PEO Employer of Record: PEOs act as an employer of record, meaning they assume responsibility for a company’s employees and their compensation and benefits. Meanwhile, ASOs don't employ the people who are part of the organization but provide support for managing them in terms of administrative tasks, which is important when you factor in liability.Services Offered: PEOs provide comprehensive HR services, such as payroll, compliance management, and benefits administration. On the other hand, ASOs typically provide fewer services and are more focused on administrative tasks.Cost: PEOs tend to be more expensive than other types of HR outsourcing solutions, while ASOs are generally more cost-effective. When Is It Best to Use an ASO vs. PEO? Use an ASO When: You require basic HR services and don’t need the full range of benefits associated with a PEO. You want to save money on labor costs while still having access to assistance with administrative tasks. You want greater control over your HR processes, as ASOs don't act as an employer of record. Use a PEO When: You need comprehensive & precise HR services, such as payroll and benefits administration. You want to save time and money by streamlining your HR processes with a PEO. You don’t have the expertise or resources to manage all of your own HR tasks. You’re looking for an experienced partner who can provide valuable advice and guidance. Bottom Line: Which HR Outsourcing Solution Is Best for Your Business? Choosing the right HR outsourcing solution for your business depends on several factors, including the size of your organization, the type of services you need, and your budget. PEOs offer comprehensive HR services and can be beneficial for companies that don’t have the expertise or resources to manage their own HR processes, while ASOs are a cost-effective option for companies that need help with administrative tasks. Ultimately, choosing the right solution will depend on what's best for your business based on your specific needs and objectives. » Opting for in-house payroll instead? Read TBR's payroll software reviews to find a solution that fits your needs.
How to Seamlessly Integrate Gusto With QuickBooks Online
PayrollHow to Seamlessly Integrate Gusto With QuickBooks OnlineOver the last few years, many new HR-focused tools have appeared on the market, making certain manual responsibilities of HR much easier. Manually processing payroll in particular is what many businesses have a hard time with, especially if the number of employees in a company is rising. That's where solutions like Gusto come in—Gusto is an all-in-one payroll solution for both small and large businesses, offering ways to set up payroll, employee benefits, and manage HR functions. A software solution like Gusto makes it much easier for businesses to manage employee data and ensure payroll is processed correctly and on time. In addition to Gusto, many companies also use QuickBooks, a bookkeeping software offering specific accounting and finance solutions with only one problem—it's not quite scalable, and is only good for smaller companies. However, using Gusto in conjunction with QuickBooks is probably the most efficient way to manage payroll and get the best of both worlds. Let's see how you can do this. » What should your payroll software be able to do? Discover which essential features a payroll software should have. 1. Create a Gusto Account The first thing you need to do is create a Gusto account by going to the official website and clicking on the "Sign Up" button in the top right corner or downloading the Gusto app and creating an account from there. Setting up your account with the necessary details shouldn't take longer than 30 minutes, after which you'll have to wait 1–2 business days to integrate Gusto with your corporate bank account. This will be done with a small test transaction charged by Gusto. 2. Connect Gusto Account to QuickBooks Account The next thing you need to do is connect your Gusto account to QuickBooks. You can do this by going to the "Apps" section in Gusto and finding QuickBooks under the "Accounting" category. Afterward, simply click on the "Connect" button and enter your QuickBooks login credentials when prompted to authorize Gusto to access your QuickBooks account and data. Here's where you can find the QuickBooks integration: 3. Configure Settings After you've connected your Gusto and QuickBooks accounts, you'll need to configure the settings. In particular, you'll have to specify what data you want to be shared between the two services. For example, you can choose to share employee information, payroll data, or both. To do this, go to the "Settings" tab in Gusto and click on the "QuickBooks" entry. From there, simply select the data you want to be shared and click "Save." » Is your employee and payroll data managed responsibly? Discover which internal controls to implement to prevent fraud. 4. Finish Integration After you've configured the settings, the integration will be complete. From now on, all your Gusto data will be automatically synced with QuickBooks, so you won't have to manually export or import any data between the two platforms—it'll happen seamlessly in the background. One thing to keep in mind is that you'll still have to create invoices in QuickBooks for the payments you've processed through Gusto. This is because Gusto doesn't process payments itself—it simply manages the payroll data. So, if you want to get paid, you'll have to create an invoice in QuickBooks and send it to your client. » Managing workers' compensation with Gusto: See how to do it successfully. Conclusion Integrating Gusto with QuickBooks is a great way to streamline your payroll process and save time. What's more, it'll help you avoid any potential errors that could occur if you were to manually export and import data between the two platforms. So, if you're using both Gusto and QuickBooks, be sure to set up the integration—you won't regret it. Even if you encounter some issues, Gusto's great customer support team will be happy to help. » Want to integrate Gusto with QuickBooks? Read TBR's reviews to learn more about the software.
How to Compile a Global Expansion Strategy for Your Workforce
Hr functionHow to Compile a Global Expansion Strategy for Your WorkforceSuccessful global expansion is a long-term goal of many businesses. Unfortunately, this goal isn't always achieved because the process often comes with unexpected challenges some companies can't seem to overcome. However, developing and implementing a global expansion strategy—an official plan detailing how the company plans to expand into international markets—can prepare you for some of these challenges and increase your chances of success. Your plan should disclose timelines, budgets, and clear expectations for everyone involved in implementing the strategy. Here are some tips on how you can develop a global expansion strategy for your workforce. 6 Steps to Compile a Global Expansion Strategy Developing an effective strategy that will contribute to achieving the company's expansion goals demands considerable time and effort. To make the process easier, consider the following steps: 1. Set Clear Goals Before deciding how to implement your expansion plan, you need to define why you want to invest in global expansion. Are you looking to grow your talent pool? Lower the cost of labor? Introduce your products and services to new customers? Your expansion goals should align with your company's vision and be clearly defined in your strategy. Setting goals helps provide guidance and objectives for your team, such as budget needs, timelines, and task prioritization. 2. Perform Thorough Market Research Once your goals are clearly defined, you should conduct comprehensive research about each global market you want to enter. This will help you spot each market's opportunities and potential barriers, making it easier to identify the best locations for profit maximization and risk minimization. Your research should include topics like demand for your product, local regulations, diversity and quality of the talent pool, and the current social-political environment. 3. Know Your Budget For your global expansion strategy to be successful over the long term, you need to understand your budget. How much will you need to spend to expand into this market? What's the expected revenue or cost savings associated with this expansion? You want to be sure this project will be profitable and that you won't run out of money in the process. The budget should include the sources and costs of financing the project. In some markets, the local government offers incentives for businesses entering the market, which you should also include in your budget. 4. Research Expansion Strategies Do you want to develop an entire subsidiary in this new market? Should you license another company to sell your product/service for you? Would exporting your goods or services to these new markets make more sense? Various expansion strategies can be used to enter new markets, but your chosen method will depend on your budget, risk tolerance, and business goals. Research each potential strategy to determine which will work best for your situation. For instance, licensing your goods and services is less expensive than setting up a subsidiary, but you probably won't have the same control over your product quality and delivery. » Should you outsource your employees? See whether outsourcing employees within a small company is a good idea. 5. Consider Hiring Locals Hiring local talent will help you integrate more smoothly into the target market. Locals know the culture, the language, and have existing business relationships in the area, which would be a great asset to your company. Plus, you won't need to spend your budget on relocating employees or traveling as often. You could set up a small office or hire employees to work remotely. Either way, you'll want to ensure you follow all local employment regulations. » Need help managing global employees? Here are our tips on how to manage your global workforce. 6. Form Local Partnerships Work to build relationships with local partners in the new market, such as attorneys, logistics and shipping providers, advertising agencies, or financial institutions. These new partnerships will help you carry out your global expansion plan. Look for partners with a solid track record with past clients, competitive prices, and excellent communication. HR and Compliance Considerations Hiring employees in a foreign territory requires substantial consideration of the local employment regulations. Each territory's tax and labor laws will be different, and it's vital for businesses entering these markets to ensure compliance. There are different laws regarding employee salaries and wages, the classification of full-time employees and independent contractors, benefits, and employment taxes. Many companies opt to engage a professional employer organization (PEO) to handle much of the HR administration in foreign territories. Partnering with a PEO can help you remain in compliance with all local rules and regulations. » Unsure whether you're payroll compliant? Follow our tips to ensure payroll compliance. Compile a Global Expansion Strategy to Ensure Success Global expansion is a goal for many businesses. To increase your chances of success, developing an expansion strategy that details your goals, budget, and timelines is important. Without a strategy in place, your project may be over sooner than you expect.
What Is an EIN and Why Does My Business Need One?
PayrollWhat Is an EIN and Why Does My Business Need One?If you're starting a business, chances are you'll need an EIN, or Employee Identification Number, sometimes also referred to as Federal Tax ID number. This nine-digit number is similar to an individual's Social Security Number (SSN), except it only applies to business entities—it's unique to your company and serves various purposes crucial to your business operations. Below, you'll find everything you need to know about obtaining an EIN for your business. » How does EIN differ from Tax ID? Learn the fundamental differences between the two. What Is an EIN Used For? Government agencies use EINs to identify your business for tax and compliance purposes. You'd use your EIN to apply for a business license or permit. Federal and state governments use EINs to track payroll tax remittances and returns. An EIN can also be used to open a business bank account, apply for a business loan, hire employees, and open credit accounts with vendors or suppliers. Using your EIN for credit transactions such as these will also establish a credit file for your business separate from your personal credit history. Does My Business Need an EIN? While most businesses will need an EIN, not all businesses are required to have one. If your business is a corporation or partnership, has employees, or withholds taxes on income, you must have an EIN. A business that doesn't meet these conditions may still need to obtain an EIN if: You file returns for Excise or Alcohol, Tobacco, and Firearms taxesYou have a Keogh plan You're involved with trusts, estates, real-estate investments, non-profit organizations, or farmers' cooperatives. Even if you aren't required to apply for an EIN, you should consider doing so anyway, since using one can distinctly separate your personal and business finances. And, if you're a freelancer or sole proprietor, you can use your EIN on W-9 forms instead of your SSN to prevent identity theft. » What else does your business need? See the essential documents needed for online payroll processing. How to Apply for an EIN You can obtain an EIN through the Internal Revenue Service (IRS) at no cost by submitting an application by mail, fax, phone, or online. Most businesses apply for an EIN online and receive their EIN immediately upon completing the application. However, to apply this way, your business must be located in the United States or U.S. Territories. Only individuals with a valid Taxpayer ID, such as an SSN or Individual Taxpayer Identification Number (ITIN), can apply for an EIN, because the entity must have a responsible party. Online application will take you through a series of questions about your business, so make sure you have all your information ready before beginning the application. You'll need to answer questions about the structure of your business, including your state of incorporation or the number of LLC members. Other questions pertain to your reason for applying, your primary industry, and the number and type of employees you'll hire over the next year. For tax purposes, you must indicate your fiscal year-end date and tax return filing preferences (quarterly or annually). » Need help with other online processes, like setting up payroll? Follow our tips for first-time HR managers. Conclusion It's almost impossible to operate a business without an EIN—if you choose to skip this step, you won't be able to hire employees, open a business bank account, or obtain financing. Not having and EIN for your business can limit your growth potential and even get you into trouble with the IRS, so make sure you obtain yours for successful business operation.

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